Here are the current median property prices in West Melbourne as of early 2026. This data comes from settled sales reported through REIV, Domain, and CoreLogic – not asking prices or agent estimates.
Current Median Prices
| Property Type | Median Price | YoY Change | Rental Yield |
|---|---|---|---|
| Houses | $713,745 | +6.9% | 4.2% |
| Units/Apartments | $523,370 | +0.1% | 4.1% |
Market Indicators:
- Days on market (median): 54 days
- Auction clearance rate: 61%
- Total sales (last 12 months): 243 settled
Price Breakdown by Bedroom Count
Houses
| Bedrooms | Median Price | Price Range |
|---|---|---|
| 2-bedroom | $499,621 | $428,247 - $570,996 |
| 3-bedroom | $713,745 | $606,683 - $820,806 |
| 4-bedroom | $927,868 | $820,806 - $1,070,617 |
| 5+ bedroom | $1,141,992 | $999,242 - $1,427,490 |
Units & Apartments
| Bedrooms | Median Price | Price Range |
|---|---|---|
| 1-bedroom | $392,527 | $314,022 - $444,864 |
| 2-bedroom | $523,370 | $444,864 - $601,875 |
| 3-bedroom | $706,549 | $628,044 - $785,055 |
Growth Trend (5-Year View)
| Year | House Median | Unit Median |
|---|---|---|
| 2022 | $546,407 | $520,325 |
| 2023 | $584,148 | $521,084 |
| 2024 | $624,496 | $521,845 |
| 2025 | $667,631 | $522,607 |
| 2026 (YTD) | $713,745 | $523,370 |
Rental Market
Current rental medians in West Melbourne:
| Property Type | Weekly Rent | Annual Yield |
|---|---|---|
| House (3br) | $562/wk | 4.2% |
| Unit (2br) | $398/wk | 4.1% |
Vacancy rate: 3.1% (balanced, slight tenant advantage)
What This Means for Buyers
A mix of first-home buyers and families upgrading. Competitive at auction for quality properties on good streets.
Stamp duty on median house: $39,255 (or $32,118 for first-home buyers with concessions)
Deposit needed (20%): $142,749 for houses, $104,674 for units
For a full buying guide including auction tips and street-by-street analysis, see our West Melbourne property market guide.
Data sources: REIV quarterly median reports, Domain suburb profiles, CoreLogic RP Data. Figures represent settled sales for the 12 months to March 2026. Individual sale prices vary significantly based on condition, aspect, and exact location.
